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Directions of Financial Security Enforcement in the Central Asia Countries

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Directions of Financial Security Enforcement in the Central Asia Countries ,nternational Journal of ,nnovative Technologies in Economy ,SS1 2412-8368 D,RECT,21S 2F ),1A1C,A/ SEC8R,TY E1)2RCE0E1T I1 THE CE1TRAL AS,A C281TR,ES 1urymova Saule, Yessentay Aigerim .azakhstan, Almaty, ,nstitute of Economics of the Committee of Science of the 0inistry of Education and Science of the Republic of .azakhstan, 3hD doctoral student !wd//[9 /ECh !.^dw!/d Received 06 0arch 2018 Article is devoted to the assessment and analysis of the level of financial Accepted 04 April 2018 security of the economies of the countries of Central Asia, and the definition 3ublished 01 0ay 2018 of the criteria for the development of the financial system, its support and approval in the current economic situation. The urgency of the article is due Y9zthw5^ to the fact that in the current situation the proElem of ensuring financial security Eecomes systemic, it affects and connects individual countries, government, regions, economic entities, politics, economy, finance, etc. ,ntegration of finance, countries with a guarantee of financial security will contriEute to the security, sustainaEle development of the region's economy to financial risks. management, indicators, Eenchmarks, economy © 2018 The Authors. 9irtually there is no aspect of the country's national security that does not directly depend on the level of its financial security. At the same time, the level of financial security itself mostly depends on the level of other aspects of national security. Consideration of interrelations and dependence between various aspects of national security allows finding measures to prevent or overcome threats to the national interests. The dependence of all aspects of the country's national security on its financial security is at first glance extremely simple: the lack of financial resources leads to underfunding of the most urgent needs in various sectors of the economy and poses a threat to national security. That is why today the national economies face the problem of developing such a new direction, the most important element of which would be strategy of financial security, which reTuires consistent, purposeful practical worN aimed for improving the economy and resuming its growth. ,t means that the financial security system assumes not only the effective functioning of the financial system itself, Eut also the safe functioning of all elements of the country's financial and economic mechanism. 0odern globalization pushes the world market towards unity, and national financial segments and investment mechanisms - to integration. At the same time, the processes of globalization give rise to a variety of challenges that threaten the security of many countries, including Central Asia. This reTuires countries to respond at the interstate level. 2nly Moint actions of the countries of the region will Ee effective. ,n the opinion of 9. Yurovitsky. [9. Yurovitsky Russia in the world financial system www.yur.ru/money/0irFin.htm [1]] in order to implement certain measures, it is necessary to understand the starting points of the worN of the modern world financial system, which in its opinion is based on the following principles: 1. The absence of a constitutional monetary system. 0odern monetary fund‘s freely convertiEle in the world market, such as the dollar or the euro, are national money and their international status is not backed Ey international legal documents. This money is recognized Ey default. ,t should Ee mentioned that such situation is a modern trend, since earlier on the international level it was accepted to use gold money and their value was determined Ey the content of gold, its weight in a coin. From the middle of the forties to the seventies of the twentieth century, the dollar gained world currency status through the Bretton :oods Agreements. Then the agreement was disavowed and now no national currency is in the international legal field. But it is the dollar, as well as the euro, the yen, the British pound sterling and the Swiss franc that are used in international trade and financial relations. ,t is clear that countries with actively used currencies in the world without international agreements on world money do not have any obligations to the world community. 3ursuing their interests, they can act in the financial sphere, which can cause negative conseTuences in other countries. 12 4(16) 0ay 2018 ,nternational Journal of ,nnovative Technologies in Economy ,SS1 2412-8368 2. The division of national currencies into "three varieties". The first is national-world currencies. These are the currencies that were mentioned earlier - the national currencies used as world currencies - the 8S dollar, the euro, the Swiss franc, the British pound sterling, the -apanese yen, and most recently the Chinese yuan. The issuing state can enter the world commodity and financial markets with its own national money. 0oney of the second Nind includes money that can be exchanged for world money in the world foreign exchange market. This money is close to the first grade and these two categories of money are called "freely convertible". All the states of the so-called golden Eillion Eelong to FCC(freely convertiEle currency). 0oney of the third Nind - all other currencies and they are not listed on the foreign exchange marNet. The money of the Central Asian countries Eelongs to the third category of money and world money is needed to enter international commodity and financial markets. To receive them, they need to actively enter the international trade process Ey offering goods and services in exchange for world money. 2ne of the main conditions for entering the world financial market for such countries is the creation of special gold and currency reserves, which once again confirms the countries' inefficiency and dependence on third-rate currency from countries with first-class money. Thus, the world is divided into highly developed countries and "third world" countries. 2f course, the line Eetween these countries is not clear, it is Elurred, and there are some intermediate countries. Russia and all the countries of the Commonwealth of ,ndependent States automatically turned out to Ee in the collapse of the 8SSR. [YurovitsNy 90 Russia in the world financial system www.yur.ru/money/0irFin.htm] [2]. The current financial crisis has shown that the current national financial systems of the countries of Central Asia should Ee more attentive to the issues of ensuring the financial security of their economies. Experts of the Bank for ,nternational Settlements (B,S) warn that in the medium term, the crisis of 2008 may Ee repeated, although not on such a global scale. ,n this connection, analysts identified four main factors that could lead to a "collapse" in the growth of world GD3 and negate all efforts to restore economies, especially in emerging markets, including Central Asian countries. These factors are referred to [:orld economy is threatened with the recurrence of the 2008 crisis // https://msN.Nprf.ru/2017/06/28/28504/] [3]: 1. ,nflation. The trend of inflation growth at some point may Ee dangerous for economic growth and "absorb" it. For countries dependent on the world's commodity and raw materials and foreign exchange markets, this is a rather serious factor. Commodities play the most important role in the economies of Central Asia. The decline in prices on world commodity markets has led to a reduction in foreign exchange earnings and a regular rise in prices for first-class currencies and, subseTuently, inflation in countries. 2. Financial stress associated with the phase of contraction in the financial cycle may be the next threat to financial security for such small economies as the countries of Central Asia. Theoretically, the financial cycles go through four stages: revitalization, expansion, top and compression. Another compression can become a systemic and come at once in all economies of the region. 3. Reduce consumption and investment due to accumulation of debts. The economies of Central Asia can Ee characterized as a consumption economy. Decrease in purchasing power, including Eecause of inflation, leads to a reduction in investment and it will not Ee enough to support the economy. 4. 3rotectionism. The mechanism of protectionism is considered in the first part of the study and now it Eecomes an effective measure of protection of national markets in the world economy. Analysts at B,S believe that de-globalization could have negative conseTuences in the short and long- term outlooN, as it will damage trade and contribute to a sharp overlap in investment flows [The global economy is threatened with the recurrence of the 2008 crisis // // https://msN.Nprf.ru/2017/ 06/28/28504 /] [4]. Here the factors are singled out in the most common form. The conseTuences are Tuite large and affect not only one certain sphere of the economy, but are systemic in nature and cover all levels of security - from macro to nanoscale. This pattern is Tuite legitimate for the financial system. The slightest fluctuations can seriously affect the nature of socio-economic processes and will affect the financial security of the country in particular and generate threats to economic security in general. However, in the previous section of the study, we analyzed the change in the parameters of financial systems, which showed the level of financial security of the countries of Central Asia. Based on the analysis, we can identify the main areas of financial security in the Central Asian region. ,n the short term, in the countries that are the main partners, we can expect economic growth associated with some stabilization of prices for oil and other raw materials. This will create certain 4(16) 0ay 2018 13 ,nternational Journal of ,nnovative Technologies in Economy ,SS1 2412-8368 favorable external conditions for the countries of Central Asia. But at the same time, an increase in the level of risNs reTuires the restoration of gold and foreign currency reserves to the level that ensures the oEligations of countries, and issues of financial stability and budgetary vulnerability through budget consolidation remain relevant.
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